Solomon Org. Expands Pittsburgh Holdings
Siara Management sold the 308-unit Class B property in Moon Township, Pa. M&T Bank provided the new owner with a 15-year acquisition and development loan.
Siara Management has sold Waterford Landing, a 308-unit Class B community near Pittsburgh, to The Solomon Org. for $19.9 million, according to Yardi Matrix. M&T Bank provided the buyer with $30 million in Freddie Mac acquisition and development financing, which matures after 15 years.
Located at 1200 Landing Lane in Moon Township, Pa., the community’s 11 two- and three-story buildings are positioned 16 miles northwest of downtown Pittsburgh, accessible via Interstate 376. Robert Morris University is situated 1 mile away, and a number of retailers, including supermarkets, operate in the immediate area.
Waterford Landing contains a mix of one-, two- and three-bedrooms, with apartment floorplans ranging between 733 and 1,294 square feet. Community amenities include a business center, fitness center, clubhouse and swimming pool. The property has approximately 600 parking spaces, with garages available for an additional monthly charge. The asset was 99 percent occupied as of last November, per Yardi Matrix data.
This marks yet another acquisition for The Solomon Org. in the area, following its $41 million acquisition of a 316-unit community 15 miles to the southeast in October 2018.
Image courtesy of Yardi Matrix